Autos help STOXX steady, tech struggles
STOXX 600 up 0.2%
Volvo Cars beats
ECB in focus
Nasdaq futures rise
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AUTOS HELP STOXX STEADY, TECH STRUGGLES
A sea of green in autos following better than expected Q3 numbers at Sweden's Volvo Cars VOLCARb.ST helped the STOXX 600 .STOXX steady in morning trading on Thursday, offsetting jitters over tech following its strong run this year.
The region-wide index was up 0.2%, a touch off opening highs as early gains in tech proved fragile with heavyweight ASML ASML.AS turning lower to fall another 1%.
A rise in Nasdaq futures however suggested pressure on the sector might ease.
Despite the Q3 beat, Volvo Cars, whose shares soared 7%, cut its FY retail sales forecast, blaming European tariffs on EVs made in China that will hit one of the Swedish automaker's key electric models until it shifts production to Belgium.
Media .SXMP was also in demand following a guidance hike at French ad firm Publicis PUBP.PA, up 5%. Banks .SX7P rose 0.9% on upbeat numbers from Spain's Bankinter BKT.MC. Poor numbers hit telco equipment maker Nokia NOKIA.HE.
(Danilo Masoni)
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